Investor MML Growth Capital Partners (MML) is in talks to take a stake in the master Irish franchise of Fastway Couriers, the Sunday Independent has learned.

The talks emerge on foot of a strategic review initiated by Fastway, revealed by this newspaper in November.

MML declined to comment. Fastway Ireland chief executive Bobby O'Keeffe said: "As a matter of company policy, Fastway does not comment on rumour or speculation about any possible future franchise transactions, which may or may not occur."

Fastway has a network of over 250 independent companies in Ireland. It was set up in New Zealand in 1983 and came to Ireland in 2002, when the master franchise for this country was granted to Andy Hennessy and Gerry Riordan.

In September, it said that it was looking to award up to 100 new Fastway franchises to Irish owner operators in 12 months.

MML is led by Neil McGowan, formerly of FL Partners, and Rory Quirke, formerly of TVC Holdings.

"We provide growth capital to private businesses on the island of Ireland for expansion, acquisitions, recapitalisations and shareholder reorganisations, contributing between €2m and €12m as part of each bespoke investment," the company says on its website.

It has made investments in food-tracing business Identigen, specialist electrical contractor H&MV Engineering, and refrigeration company Lowe Refrigeration.